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- Russia will require residents to report qualifying crypto activity outside its domestic digital-depository system starting May 2, 2027.
- Officials estimate that 20 million Russian citizens hold 3.7 trillion rubles in cryptocurrency and related financial products.
- Deputy Finance Minister Ivan Chebeskov warned that foreign-issued stablecoins can be frozen by issuers outside Russia.
Russia will require residents to report qualifying crypto activity outside its domestic digital-depository system from May 2027 as officials estimate citizens hold 3.7 trillion rubles, about $44 billion, in crypto and related financial products.
Deputy Finance Minister Ivan Chebeskov said roughly 20 million Russians use crypto. He has also put daily crypto transaction volume at about 50 billion rubles. The 3.7 trillion-ruble holdings figure is an expert estimate and includes direct cryptocurrency ownership and some crypto-linked financial products.
Foreign Wallet Reporting Starts May 2, 2027
From May 2, 2027, residents will have to report crypto transactions conducted through addresses not administered by Russian digital depositories.
Covered businesses must submit reports to tax authorities with supporting documents under procedures still to be established by the government in coordination with the Bank of Russia. Russian companies belonging to international corporate groups must also report certain crypto transactions conducted by affiliated foreign entities.
Individual residents face a separate reporting requirement. People who spent more than 183 days outside Russia during the previous calendar year are exempt, while the government can establish additional exemptions before implementation.
Authorized-Intermediary Rule Starts July 1, 2027
Russia’s broader crypto law took effect Sept. 1, creating regulated roles for crypto exchanges, digital depositories and existing financial institutions.
Non-qualified investors who pass a test can buy approved liquid cryptocurrencies up to 300,000 rubles per year through each intermediary. Qualified investors must also complete testing but do not face the same purchase ceiling.
From July 1, 2027, residents will generally have to conduct covered crypto transactions through authorized market participants or with them. The law includes exceptions, including specified foreign-trade transactions and certain dealings involving mined cryptocurrency with nonresidents.
Foreign Stablecoin Freezes Can Leave Losses With Investors
Chebeskov has also warned about foreign-issued stablecoins that can be frozen by issuers outside Russia.
Under the new framework, Russian digital depositories may not be responsible for losses caused by foreign entities where the action falls outside the depository’s control and the applicable agreement provides for that treatment.
The next step for the May 2027 reporting regime is publication of the detailed filing procedure and any additional exemptions before the requirements take effect.
